Wednesday 14 January 2009

Consolidating my position. Stop loss decided

I haven't played over the last few days as I've been busy working out what an appropriate stop loss figure should be.

To help with the calculations, I used Microsoft Money to analyze all spending for 2008. The result was shocking! I squandered a fortune last year on non-essential items. The amount I spent on Poker pales into insignificance - especially when you consider most of my 2008 poker bankroll is still available on the sites I've tried (atleast £400 worth - assuming I can withdraw it).

So, my first guess of £3 a day stoploss is definitely feasible but I will make it a bit higher - say £5 a day.  Since I haven't lost any money this year, that means I've accrued a stop loss of £70 so far. I might put a max on it - say £500? This should stop me getting tempted to try higher stakes just 'cos my (somewhat fictitious) stop loss is really high.

Now, whilst analyzing my spend last year, I added all my poker accounts as "assets" in Microsoft Money and realised I have money spread out too thinly across too many sites. 

I've started to consolidate the bankroll. Going to drop 4 sites completely - have already started withdrawal proceedings at these sites. If I struggle to get my money out I'll have to write off what's there and never play there again. Also plan to limit my bankroll on most other sites but we'll see how that works out.

I like playing on PartyPoker so I might reload there even though I haven't done so well at the site. I'd like to try to win at Virgin Poker too though the field there is very tough for me (competent LAGs even at micro stakes) and it's where I've lost the most money to date (11 euro).

anyhow. I'd best get to bed! wish me luck getting my money off the poker sites - especially CDPoker who I now found out is attrocious at paying out money. It's already been 24 hours and they haven't even acknowledged my request via e-mail :( TitanPoker informs you immediately (though they have so far declined all my requests  to take money out so I suppose it's not much different).


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